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On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common stock-$10 par value, 4,300 shares authorized, issued, and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity 1. Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,400 shares of its own common stock at $29 per share on October 11. b. Sold 1,100 treasury shares on November 1 for $35 cash per share. c. Sold all remaining treasury shares on November 25 for $28 cash per share. 2. Prepare the stockholders' equity section after the October 11 treasury stock purchase. $760,000 236,000 896,000 $ 1,892,000
Prepare journal entries to record the following transactions for Sherman Systems. a. Purchased 5,400 shares of its own common stock at $29 per share on October 11. b. Sold 1,100 treasury shares on November 1 for $35 cash per share. c. Sold all remaining treasury shares on November 25 for $28 cash per share. No Transaction General Journal a. Treasury stock Cash b. C. 1 2 3 Cash Treasury stock Paid-in capital, treasury stock Cash Paid-in capital, treasury stock Retained earnings Treasury stock Required 1 X Required 2 > Debit 156,600 38,500 120,400 4,300 896,000 X Credit 156,600 31,900 6,600 Show less